Onanuga: Tinubu’s Reforms Boosting Naira Confidence at Home and Abroad

The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has said the economic reforms introduced by the administration are restoring confidence in the naira both locally and internationally.

Onanuga’s reaction followed reports that some Chinese traders have begun accepting naira in place of the US dollar for transactions with Nigerian customers. According to the report, foreign exchange dealers linked the recent stability in the exchange rate to Nigeria’s currency swap agreement with China, as well as the growing popularity of peer-to-peer currency trading, which reduces reliance on intermediaries like banks and forex services.

Data from the Central Bank of Nigeria shows that the naira strengthened by 0.36 per cent (₦5.48) on Monday, trading at ₦1,526.09 per dollar compared to ₦1,531.57 in the previous session—the strongest rate in six weeks on the Nigerian Foreign Exchange Market.

In a post on X, Onanuga said the development indicates the naira is gaining recognition beyond Nigeria, citing his personal experience of using naira cards on Chinese e-commerce platforms.

“This is a salutary development for the Nigerian economy. The Tinubu reforms are making foreigners have faith in the naira. The Almighty US dollar is not the ultimate king here. The naira is waxing stronger as an international means of exchange,” he stated.

He further claimed that while critics of the government may not celebrate the achievement, the progress reflects the positive impact of the administration’s economic policies.